Boca Raton, FL Cost of Living

Boca Raton cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

Displayed above is a general overview of the Boca Raton, FL cost of living index. The overall cost of living index in Boca Raton, FL is 128, which is 29% higher than the Florida average and 28% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Boca Raton, FL are 3% higher than the Florida average and 2% higher than the national average.

Did you know?

The cost of living in Boca Raton is 29% higher than the Florida average.

The cost of living in Boca Raton is 28% higher than the national average.

The cost of housing in Boca Raton is 88% higher than the national average.

Florida general sales tax is 18% higher than the national average.

Florida state income tax is 100% lower than the national average.

Find Real Estate Listings In Boca Raton

Location

Price

Bedrooms

Bathrooms

New Real Estate Listings In Boca Raton

Compare Boca Raton, FL Cost of living To Other Cities

Salary Calculator

I live in

I want to live in

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Using the salary calculator lets you compare the salary you earn in Boca Raton, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Boca Raton, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Boca Raton, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$89,964

$7,497

$2,099

$2,699

Renters

$44,523

$3,710

$1,039

$1,336

If you want to find a good determining factor for the cost of living and the general affordability of housing in Boca Raton, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Boca Raton, FL, the median monthly income is $89,964 for those who own their own homes. Under the standard rule, that income level would allow for $2,099 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $44,523, per the median income in the area. That would allow for renters to spend up to $1,039 on monthly rental expenses.

Florida Sales Tax

State

General Sales Tax

With Max Surtax

Florida

6%

7.5%

Florida Income Tax

State

Income Tax (Low)

Income Tax (High)

Florida

0%

0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Boca Raton, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

Item

Boca Raton

National avg.

Difference

Haircut

$16.72

$15.56

7.4%

Beauty Salon

$55.45

$36.11

53.6%

Toothpaste

$2.05

$2.47

17.1%

Shampoo

$0.95

$0.96

1.6%

Movie

$11.23

$10.13

10.9%

Bowling

$5.69

$4.74

20.2%

Groceries

Item

Boca Raton

National avg.

Difference

Ground Beef

$4.89

$3.98

22.8%

Fried Chicken

$1.23

$1.41

12.8%

Milk

$2.48

$2.06

20.2%

Potatoes

$3.09

$2.98

3.5%

Pizza

$8.99

$9.47

5.1%

Beer

$10.16

$8.79

15.5%

Health Care

Item

Boca Raton

National avg.

Difference

Optometrist

$88.07

$101.04

12.8%

Doctor

$83.34

$107.44

22.4%

Dentist

$94.55

$90.42

4.6%

Ibuprofen

$11.13

$9.28

20.0%

Lipitor

$408.84

$426.50

4.1%

Housing

Item

Boca Raton

National avg.

Difference

Home Price

$354,800.00

$175,700.00

101.9%

Avg. Mortgage Payment

$1,629.35

$1,133.23

43.8%

Apartment Rent

$1,418.00

$920.00

54.1%

Transportation

Item

Boca Raton

National avg.

Difference

Gasoline

$2.04

$1.99

2.4%

Tire Balancing

$54.00

$45.76

18.0%

Utilities

Item

Boca Raton

National avg.

Difference

All Electricity

$152.73

$163.81

6.8%

Phone

$30.33

$28.39

6.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.